Gold has faithfully performed for the last forty-two years, and, in view of its abundance and prospective increase, will continue to support its role of a fixed standard of value, and a firm basis for the bank-note circulation of the principal countries of the civilized world, which is evidently growing gradually metallic, as a comparative statement of the amount of bank-note circulation issued, and the amount of specie held by the Bank of England, the joint stock banks, and the private banks of Great Britain the Bank of France, the State banks, and the National banks of the United States, at different periods, will exhibit:
| 1840. | |||
| GREAT BRITAIN. | FRANCE. | UNITED STATES. | |
| Circulation | £34,976,524 | 220,005,695 francs. | $87,872,171 |
| Specie | 8,751,342 | 225,406,807 " | 35,207,690 |
| 1850. | |||
| Circulation | £34,948,765 | 481,552,000 francs. | $118,984,112 |
| Specie | 19,843,026 | 458,820,000 " | 45,379,345 |
| 1862. | |||
| Circulation | £39,574,862 | 725,417,563 francs. | $126,599,167 |
| Specie | 22,917,846 | 324,915,234 " | 102,507,559 |
| 1885. | |||
| Circulation | £37,215,968 | 2,912,386,475 francs. | $112,027,858 |
| Specie | 28,146,893 | 2,065,937,158 " | 139,747,080 |
Gold has robbed silver of the prestige claimed for it two centuries ago by Locke,—"that it is the instrument and measure of commerce in all the civilized and trading parts of the world, and its normal currency." Gold has maintained its present price for one hundred and sixty years, while silver has declined twenty-two per cent. within thirteen. When, owing to scarcity, gold advances in price, then we may fear, that, what the late Mr. Bagehot use to call the "apprehension point," is close at our heels. The amount of gold in existence has increased from $1,975,000,000 in 1843 to $8,166,000,000 at the present time; while silver, owing to the great attrition of coin (estimated by Bowen at one per cent. per annum), has increased from $5,040,000,000 to but $5,504,000,000, during the same period. Of the two hundred and twelve millions of dollars of the precious metals annually produced, ninety-eight millions are furnished by gold.
My Mountain Home
By William C. Sturoc.
Down in the valleys, where the grasses grow,
And waves the gold-rod and the meadow queen;
Where peaceful streamlets, with a languid flow,